More Mastercard Blockchain Patents & Oracle Launch Their "Oracle Blockchain Cloud Service"
A very positive 24 hours in the cryptocurrency markets sees the global cryptocurrency market cap gain $27 billion to $297 billion, Bitcoin gained $678, rising to $7375 and Ethereum also making gains, up $30 to $497.
Mastercard have been granted yet another blockchain related patent application by the United States Patent & Trademark Office aimed at linking blockchain based assets (i.e.cryptocurrencies) to traditional FIAT currency accounts. Several news outlets are initially reporting the patent to be a step toward reducing transaction times for crypto payments – which, if rolled out would happen to be a positive side-effect behind the idea of the patent itself – the reality or main gist of the patent is more focused upon enabling crypto-payments using a traditional payment card through the use of multiple associated account profiles to accommodate different currencies , whilst at the same time permitting the transmission and receiving of transaction messages in recognized formats in line with ISO 8538. Whether the idea is put into practice remains to be seen of course, patents take a long time to get to the point where they are published (this particular patent was filed in May 2015), and there is no way to tell how much (if any) further development has been done between the date of filing and date of publishing. It leaves little doubt the race to adopt cryptocurrencies by several of the major payment card providers is gaining significant pace – particularly when taking into account another patent issued to AMEX last week that potentially solves the “proving of a transaction” stumbling block, and the successful testing of a million TPS blockchain platform by Mitsubishi UFJ Financial group.
Oracle have made good on their promise to roll out a “blockchain platform as a service” in a press release loaded with testimonials from several organisations that took part in trials and testing. The platform is built on the Linux Foundation Hyperledger Fabric with extensive support and integration of related services to create and manage blockchain projects. Oracle executive vice president Amit Zavery stated “Blockchain promises to be one of the most transformative technologies of our generation. We are excited to announce the availability of Oracle Blockchain Cloud Service. It is the result of years of R&D alongside our valued partners and customers. With Oracle’s platform, enterprises can enhance their business, eliminate unnecessary processes, and transact with their distributed networks more easily, transparently and securely than ever before.” The variety of organisations involved in the initial testing of the platform is very diverse, including an olive oil production company tracking its product from “tree to shelf”, the Arab Jordan Investment Bank using it to minimize complexity, increase efficiency and reduce the cost of transactions, and even the Nigerian Customs Service who are using it to build trust for Nigerian businesses to provide irrefutable data on goods manufactured in the country.
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Created: Wednesday, July 18, 2018
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